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Employee Benefit Plan Audits

Our commitment to the highest standards of quality in the preparation of your employee benefit plan audit is part of the passion we bring to everything we do.

At MBAF, we have developed a specialized employee benefit practice by working closely with businesses from various sectors developing, devising, and executing strategies to provide defined benefit and defined contribution pension plans to their employees. Employee benefit plan audits can be complex, particularly 401(K) audits. This complexity demands the level of expertise and insight that defines MBAF and our 401(K) audit specialists. We are one of the few firms with a dedicated practice area specialty in employee benefit plan (EBP) audits and Employee Retirement Income Security Act (ERISA) compliance. We perform over 100 employee benefit plans audits for clients annually, all of whom benefit from our vast experience in dealing with the Department of Labor and the IRS.

Employee benefit plans must follow a unique, complex, and ever-changing landscape of requirements. As the U.S. Department of Labor increases scrutiny of employee benefits plans, our audit specialists are ready to provide you with unparalleled experience and expertise. We understand the qualification requirements and are aware of prohibited transactions, deemed distributions, and reporting failures. We are also well-versed in top-heavy requirements, Section 415, partnership issues (CODA), and contingent benefits.

Our experience includes:

Defined Benefit Plans

Defined Contribution Plans

Health and Welfare Benefit Plans

Profit Sharing Plans

Voluntary Employees’ Beneficiary Associations (VEBA)

401(K) Plans

403(b) Plans

401(a) Plans

Our employee benefit plan audit specialists have established excellent working relationships with third-party administrators (TPAs) and trustees allowing us to leverage their unique relationship with the firms they work with to conduct the most efficient audit possible and to quickly recognize deficient areas.

We are members of the AICPA Employee Benefit Plan Audit Quality Center and strong supporters of its mission to ensure the quality and integrity of employee benefit plan audits. Our membership assures you of our commitment to meeting and exceeding the highest standards of our profession. In addition, Rick Covert, Principal-in-Charge of our Employee Benefit Plan Audit Services Group, has previously served on the American Institute of Certified Public Accountants Employee Benefit Plans Committee where he co-authored the AICPA’s Audit and Accounting Guide: Audits of Employee Benefit Plans.

Key Employee Benefit Plan Audit Services

Audit planning

Auditing the statement of net assets available for benefits

Auditing the statement of changes in net assets available for benefits

Evaluating internal control

Financial statement disclosures

Preparing the auditor’s report

Special audit considerations

ERISA and SEC requirements

Supplementary schedules

Key Employee Benefit Plan Consulting Services

Violations relating to distributions eligible for rollover

Violations relating to ADP/ACP Testing

Loans

Hardship distributions

Our expertise in employee benefit plan and 401(k) audits is vast and we’d love to put our knowledge to work for you. Don’t hesitate to contact us now.

MBAF Certified Public Accountants LLP trading as MBAF Certified Public Accounts, LLP is a member of the global network of Baker Tilly International ltd., the members of which are separate and independent legal entities.

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